Tamarack Municipal Association Hands Over Management of Osprey Meadows Golf Course

DONNELLY, Idaho - March 13, 2015 - PRLog -- Tamarack Municipal Association, Inc. (TMA), the master owners’ association at Tamarack Resort, has announced that it will hand over operation and management of the Osprey Meadows golf course, the golf maintenance and storage facilities, and the commercial spaces in the Lodge at Osprey Meadows to Jeanne Bryant, the court-appointed Independent Fiduciary for Retirement Security Plan and Trust (RSPT), effective Thursday April 2, 2015.

TMA has operated the Osprey Meadows Golf Course and the Lodge at Osprey Meadows commercial spaces including Morels restaurant, the spa facilities and the pool area since 2012 at the request of the course owner West Mountain Golf (WMG), which could no longer afford to operate, maintain and to irrigate the course or pay the operating and utility costs for the commercial spaces within the Lodge. Recognizing that no maintenance to the facilities or irrigation to the course would have resulted in significant damage to the assets, TMA stepped up and assumed the responsibility for operating the facilities. TMA did so accepting significant  financial risk by operating the course and demonstrated the same commitment and professionalism that it did when it took over the Tamarack Resort ski mountain operations in 2010.

Since 2012, TMA has provided significant financial support and worked hard to operate, maintain and improve the course for the benefit of all parties including WMG and its creditors, the homeowners, as well as guests and visitors to the resort.  Many homeowners and local businesses in the community also contributed financially through the sponsorship of holes and with supplies of fertilizer and other materials as well as their time as volunteers maintaining the golf course. The contributions made by TMA far outstrip the amounts TMA agreed to spend operating the course.

These commitments and efforts have not been in vain as the golf course has been very well received, as evidenced by significant increased level of play over the last 3 seasons. Additionally, the course has also achieved statewide and national recognition.

TMA is proud that Golf Digest ranked Osprey Meadows the 32nd Best Public Course in America in 2013-14, a ranking of 4th in the state of Idaho and recently Golfweek designated the course as the 2015 “Best Course In Idaho You Can Play”.

In the last 12 months, events outside of the TMA’s control have forced the TMA to re-evaluate its role with respect to the golf course.

·       Tamarack Resort LLC and its assets were foreclosed upon by its creditors and ownership of the resort was transferred to its new owners, New TR Acquisition Co. LLC (NewTRAC) in March of 2014.

·       NewTRAC, the owner of the mountain operations assets and various real estate parcels at Tamarack, has decided to assume mountain operations at the resort and therefore will not be renewing the sublease for TMA to operate the mountain winter and summer recreation facilities effective May 1st, 2015.

·       NewTRAC has retained Replay Resorts of Vancouver, British Columbia to manage the operation of NewTRAC owned facilities

·       Last summer Ms. Bryant, as the trustee for the Retirement Security Plan & Trust (RSPT), the principal creditor of WMG, which still owns the course, filed suit against TMA.  RSPT is an ERISA pension fund headquartered in Wichita Falls, Texas.

·       Ms. Bryant, on behalf of RSPT, is suing TMA for more than $880,000 in rents and taxes (also not TMA’s obligation) that RSPT claims it is owed for a period of time that TMA has been leasing the golf course, at a loss of income, and using its own resources for the maintenance, operation and management of Osprey Meadows.

·       Unfortunately, without any attempt to discuss or negotiate a new lease to allow TMA to continue to operate and maintain the golf course, restaurant, bar, pools, spa and fitness center, RSPT unilaterally and, in TMA’s view unlawfully, sought not only to terminate the WMG lease but to impose new draconian lease terms including the rent claimed in her lawsuit.

·       TMA has repeatedly tried to explain to Ms. Bryant that RSPT likely faces even higher expenses, and bigger losses, than what TMA experienced during its time caring for this Tamarack Resort asset.

·       Although RSPT has a foreclosure judgment against Osprey Meadow’s current owner WMG, Ms. Bryant has not yet held a sheriff’s sale where RSPT could purchase the golf course.  The purchase of the property is a step that Idaho law requires before the mortgage holder can take possession of the property.

The costs of the litigation, together with supporting the continued operating losses of the course and related facilities, have added an unacceptable burden on the TMA.  Recently announced changes to TMA’s operating capabilities, coupled with the litigation, will force TMA to serve notice on its landlord, WMG, of its intent to vacate WMG’s premises no later than April 2, 2015.

TMA remains hopeful that RSPT will work to preserve the value of these fragile assets by engaging an operator this spring.

Any inquiries concerning the future operation of the golf course and commercial spaces in the Lodge should be directed to Jeanne Bryant, Receivership Management Incorporated, 783 Old Hickory Road, Brentwood, Tennessee, Telephone:(615) 370-0051

Or her legal counsel, ANGSTMAN JOHNSON, 3649 N. Lakeharbor Lane, Boise, Idaho 83703 Telephone: (208) 384-8588